Transfer SIPP from Hargreaves Landsdown to Cavendish (Fidelity)

wizzards

I have been reviewing Hargreaves Lansdown charges and have a self managed SIPP with them.  I think the charges are more than I want to pay for the service.  Also I am no longer so happy with the guides they provide after I bought some of the Neil Woodford funds that they promoted. I don't rely totally on HL fund promotion for choices but in this instance I was influenced by the their marketing.  The rest of my funds are doing OK so I am happy otherwise bar the charges.

I am already a customer of Cavendish online and have a Fidelity shares ISA with them.  I want to move the Hargreaves Lansdown SIPP onto the Fidelity platform but using Cavendish as the broker so I reduce the charges.  I am wonder is its possible to transfer the existing holdings directly to Fidelity.  Is there any issues to do this and is there and out of market time when I can't trade.  I had a look and it seems I can request a transfer easily enough but I am a bit unclear if there is a period when I can't trade funds during the transfer and also how long it typically would take.  Has anyone experience of transfer from Hargreaves Lansdown to Fidelity for a SIPP.  I do not want to transfer as cash.  I assume I don't have to sell funds and then transfer as cash ?

Albermarle

Assuming that all the funds you want to transfer are available with Fidelity ( have you checked ?)  then you request a transfer 'in specie'
A cash transfer would take around 10 days normally and you would be out of the market for part of that time.
An In Specie transfer will take significantly longer and each fund will take a different time as it relies on the fund manager reregistering your holding . However you will not be out of the market but I presume you will not be able to trade during the transfer period. You will need to check directly with Cavendish to be sure of the detailed points .

xylophone

An In Specie transfer will take significantly longer

Oh boy, can it take longer......I was tearing my hair out with frustration during the months it took to transfer an ISA in specie from one provider to another.

I vowed never again.

dunstonh

 I do not want to transfer as cash. 

Then you need to allow up to 6 months for an inspecie transfer to complete.  Most will be quicker but its not unusual for the odd fund house to drag its heals  You will be unable to trade on that fund whilst you are in the waiting period.

wizzards

Oh this does not sound too great.  I will give Cavendish an email or ring to see what they think.   If some funds are transferred and some are not.  Will I be able to trade on any of them. I have approx 50 or so different funds.  I should really do some consolidation.  Overall I am making a good return overall on almost all of my funds at at present.  A few are dipping a bit.  I am really keen to say goodbye to Hargreaves Lansdown as they no longer provide what I want and I can get the information I want from many other sources without the fees.  I might keep a few single shares in my share trading account so I can still use HL fund information if I want.  I used to use Allenbridge for some of my research but they sold out to Close Brothers so I looked elsewhere for fund selection ideas and research.

xylophone

Most will be quicker but its not unusual for the odd fund house to drag its heals  

A sore subject?

Albermarle

wizzards said:

Oh this does not sound too great.  I will give Cavendish an email or ring to see what they think.   If some funds are transferred and some are not.  Will I be able to trade on any of them. I have approx 50 or so different funds.  I should really do some consolidation.  Overall I am making a good return overall on almost all of my funds at at present.  A few are dipping a bit.  I am really keen to say goodbye to Hargreaves Lansdown as they no longer provide what I want and I can get the information I want from many other sources without the fees.  I might keep a few single shares in my share trading account so I can still use HL fund information if I want.  I used to use Allenbridge for some of my research but they sold out to Close Brothers so I looked elsewhere for fund selection ideas and research.

If you want to transfer 50 funds in specie maybe Cavendish will not be that keen to have you as a customer !